In spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week.
At the official market on Monday, the naira traded at a loss, depreciating by N58 or 4.3 per cent from N1,361 it traded last Friday to N1,419 on Monday.
The intraday high closed at N1,451 on Monday from N1,410 per dollar on Friday. The intraday low also appreciated to N1,060 on Monday from N1,051 per dollar quoted on the spot trading on Friday.
Following a consistent climb to N1,120/$1 over 14 days ending on April 19th, from a previous rate of N1,470/$1 on March 25th, the Naira underwent a six-day depreciation, dropping by N310 or 21.68 per cent, and settling at N1,430/$1 by April 26th.
In the official market, the naira exhibited a similar pattern, depreciating by N169.24 or 12.64 per cent to close at N1,339.23/$1 on April 26th, down from N1,169.99/$1 on April 19th, and continuing to decline over the next seven trading days at the NAFEM window.
Currency traders at the popular Zone 4 market said they sold the dollar at N1,340 per dollar, from N1,275 over the weekend.